SEC Chair Leading False Story Regarding Crypto Laws?
Gary Gensler, the head of the SEC, has made a number of pronouncements regarding cryptocurrency rules, though. This time, Gensler's response to inquiries over a security was caught on camera by XRP's attorney.
For violating securities laws, the U.S. Securities and Exchange Commission (SEC) has brought multiple lawsuits against various businesses and people.
Gary Gensler, the head of the SEC, has made a number of pronouncements regarding cryptocurrency rules, though. This time, Gensler's response to inquiries over a security was caught on camera by XRP's attorney.
Is SEC chair missing important information?
According to Becky Quick's interview with CNBC, the head of the CFTC said that certain of the assets linked to cryptocurrency should be regulated. The SEC created certain precedents and provided examples of people reaching settlement agreements with the agency, she continued.
She continued by saying that these actions prove that the SEC should be in charge of more rules.
The law is clear on this, the SEC chair retorted. He asserts that the majority of these tokens are securities given the available information. A group of businesspeople must explain their intentions when they raise money from the public and each expect to make a profit from it, he continued.
John Deaton, an amicus curiae in the XRP litigation, expressed doubt about this assertion, nevertheless. He claimed that the SEC chair was mistaken in this regard. Gensler disregards two important legal requirements.
Why was Gensler mistaken about this?
He disregards the common enterprise requirement first. Second, the SEC chair disregarded tokens' usage for non-investments. It is not a security if it is not purchased for investment. In relation to cryptocurrency, he continued, the SEC chair is in fact gaslighting the public.
Earlier, CoinGabbar stated that XPR's attorney had tapped the SEC Chair's fresh spin on Kim Kardashian's case about cryptocurrency regulation. The American superstar did, however, settle the case for roughly $1.26 million in fines.
In the meantime, the SEC chair continued to utilise the term "Crypto asset security," according to the XRP holder's attorney. His new role in directing the story is this.
